Here are some updates and insights on the current Residential Real Estate market.
Changes to Residential Tenancies Act and New Lease Form
In July of this year, amendments were made to the Residential Tenancies Act. As a result, applicable changes have been made to Ontario’s Standard Lease Form. Beginning March 1, 2021, Landlords must use this new form for all new lease agreements entered on or after this date.
For all of our Landlord Clients, not to worry!! We are here to make the process as simple as possible for you! We always ensure that all applicable paperwork and current forms are used when we facilitate a Tenancy on your behalf. 🙂
Here is a summary of what has been changed to the Act:
- The requirement to serve new tenants with the “electricity consumption” form for sub-metered units is gone (Bill 184 repealed that requirement)
- In the preamble to the “General Information” section following the signature page, the web address for the LTB/RTA has been changed
- In Part D, the narrative has added additional grounds for ending the tenancy (landlord’s own use, etc.)
- The fines payable by landlords who evict tenants unlawfully or give notices of termination in bad faith have been increased per Bill 184 and are shown in Part D of the narrative
- In Part I, the narrative has been changed to reflect the “Post November 15, 2018” (“new construction”) rent control exemptions from the Guideline
- In Part Q, there is clarification in the narrative, making it clear that if the tenant rents the entire unit to a third party, the person is not a “guest” and the landlord’s permission may be required. (This is to address Airbnb type situations)
- At the end of the narrative there is a section called “Guide to the Standard Lease” which provides a web address in multiple languages
- And finally, the document is now 14 pages instead of 13
The above summary was compiled by Stonegate Legal Services, a paralegal firm that specializes in landlord & tenant matters.
Canada Revenue Agency Rolls out Rent Subsidy for Commercial Tenants
The CRA has announced a rent subsidy program to help Commercial Tenants and Landlords manage the fallout from loss of business during COVID-19. On November 30, the CRA began processing claims for the Canada Emergency Rent Subsidy, which covers businesses and non-profits for up to 65% of their eligible expenses. Claims are retroactive to September 27, 2020.
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